Petroleum Africa
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Tuesday, October 24, 2017
Hess Corp. and its partners have reached a $220-million settlement on tax issues related to the companies’ interests in two producing oilfields, the Ceiba and Okume.The deal between the government and the partners is the result of negotiations over recent months between the Ministry of Mines and Hydrocarbons and the management of Hess.
The resolution of tax issues cleared the way for Hess’ sale of its assets to Kosmos Energy, and for increased involvement by Tullow Oil in Equatorial Guinea’s petroleum sector. This settlement demonstrates Equatorial Guinea’s commitment to profitable partnerships with international energy companies.
Minister of Mines and Hydrocarbons Gabriel Mbaga Obiang Lima said: “Equatorial Guinea has a stellar record in honoring the sanctity of contracts. It is in the best interest of the petroleum sector, our nation and its people that we reach fair agreements on financial matters quickly and in a positive way with international partners. Hess has been a key leader in the oil and gas industry and instrumental to the country’s growth over the long term. We are pleased the companies worked with us to revolve this situation amicably.”
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